In a recent statement, the Lagos State Internal Revenue Service (LIRS) has emphasized the mandatory submission of annual tax returns by all companies operating within the state. According to Monsurat Amasa-Oyelude, Head of Corporate Communications at LIRS, the deadline for filing these returns is January 31, 2024, as announced by LIRS Executive Chairman, Ayodele Subair.
Subair asserted that employers of labor in Lagos State must strictly adhere to this deadline to avoid penalties and other legal sanctions outlined in section 81(3) of the Personal Income Tax (amendment) Act 2011. The act designates January 31 as the cutoff for filing annual tax returns.
To streamline the process, Subair highlighted the LIRS e-tax portal as the exclusive platform for filing annual income tax returns in Lagos State. Manual filing is no longer permissible, and failure to comply with this electronic system may result in consequences.
Encouraging businesses and employers to utilize the e-tax portal, Subair emphasized its ease of use, convenience, and safety. He stated, “The e-Tax portal is designed for the convenience of taxpayers, making tax transactions easily accessible from the comfort of homes and offices.”
In addition, Subair outlined the prerequisite for employers to file annual income tax returns on the e-tax portal: they must possess a taxpayer identification (ID). He urged employers to generate a taxpayer ID, where applicable, for their employees and to file their pay-as-you-earn (PAYE) returns through the e-tax portal.
The firm stance taken by LIRS underscores the importance of timely compliance with tax regulations for businesses operating in Lagos State, signaling the potential consequences for those failing to meet the January 31, 2024 deadline.